|By Business Wire||
|July 14, 2014 11:15 AM EDT||
Demand Media Inc. (NYSE:DMD) announced today the sale of Creativebug, its online video arts and crafts business, to Otter Media, the newly named venture between AT&T and The Chernin Group. Additionally, Demand Media has completed the sale of its real-time engagement solution business, CoveritLive, to Toronto-based ScribbleLive.
“These divestitures allow Demand Media to refocus attention from nascent businesses in emerging markets to opportunities that are more in line with our overall growth strategy,” said Shawn Colo, interim chief executive officer of Demand Media. “By streamlining our approach to the business, we can more effectively connect passionate audiences with engaged experts, artists and opinion makers across our consumer lifestyle brands and our Content Solutions partners.”
Demand Media’s brands include eHow, Cracked, LIVESTRONG.com and Society6.
About Demand Media
Demand Media, Inc. (NYSE: DMD) is a leading digital content & media company that informs and entertains one of the Internet’s largest audiences, helps advertisers find innovative ways to engage with their customers and enables publishers and individuals to expand their online presence. Headquartered in Santa Monica, CA, Demand Media has offices in North America, South America, and Europe. For more information about Demand Media, please visit www.demandmedia.com.
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